Blockware Intelligence Newsletter: Week 206

Bitcoin on-chain analysis, mining analysis, macro analysis; overview of 3/23/26 - 3/27/26

Bitcoin Price Action: The Second Leg Down

The one-year price chart tells the story of Q1 in a single frame. After failing twice to reclaim the $75,000 level as support, Bitcoin broke down sharply in February, dropping to a low of approximately $60,000. That $60,000 level has since held, and March has produced a quieter, more constructive base. The $75,000 level now sits as the key resistance to watch on the way back up.

The failed recapture of the short-term holder cost basis was the technical trigger for the flush. Two attempts. Two rejections. The market needed to wash out the remaining weak hands before a real base could form, and it did exactly that.